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I recall an insurance agent in college making the pitch: Whenever you buy life insurance, you will pay for all the years you did not own it.

Hence, a policy purchased when you are young is a good investment. A whole life policy is inexpensive and gets paid up providing insurance for the rest of your life (unless you cash it in).

Term insurance is inexpensive but has the problem that when you need it most, you may no longer be insurable. So guaranteed insurability is a nice feature to have if you go that route.

Also note that with whole life, you are guaranteed to collect eventually. With term insurance, at the end of the term, your premium is a total loss or expense.

Veterans get life insurance while they are in the service. It can be continued when you leave the service for modest annual fees. Eventually it gets paid up and insures you for life--inexpensively.

Insurance policies often pay dividends. Those dividends are tax free as long as you use them to pay down your premium or to buy additional life insurance. Hence, your insurance coverage increases over time--for free.
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